Turnover product, where an industry margin of up to 15% is applied on the turnover to estimate the income of the borrowers

DSCR product where eligibility is estimated using the debt repayment capacity of the borrower

Other Surrogate income products for loan amount of less than Rs 10 lakh

Documents Required

Last two years Income Tax Returns that have been filed on time

Bank Statements of last six months

VAT number, registration certificate etc

Professional degree and registration number

Unsecured Business Loan in Anand - Process

Compare loan offers of multiple banks to identify the best loan deals available on MyLoanCare. Key parameters one should compared are loan amount eligibility, interest rate, processing time and other terms such as prepayment penalty and processing fees.

Apply for the identified bank loan and submit required documents. Our loan advisor will ensure that it becomes a hassle free experience for you

Appraisal of the loan application by bank or NBFC. A credit manager will make a visit to your office or factory premises.

Credit approval by the bank or NBFC

Loan disbursement to your account after signing of loan agreement.

Documents required for Business Loan

Signed Application Form

Identity Proof (PAN)

Residential Address Proof

Last 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA.

Ministry for Micro, small and Medium Enterprises (MSME) is planning to increase the cash withdrawal limit for MSMEs to Rs. 2 lacs per week. MSMEs in India are significantly dependent on cash transactions and hence any efforts to move them towards digitisation have to be a gradual process. The main objective of government is to boost the growth of MSMEs in digitisation but without any irregularities in cash availability.

02nd Dec 16 Credit deployment to MSME sector falls in October, 2016

Credit deployment of banks to industry including micro, small and medium enterprises has fallen by 4.6 percent during March to October, 2016 period as compared to 0.3 percent during the same period previous year. Key industry sectors such as infrastructure, food processing and gems and jewellery and basic metal products have witnessed significant credit contraction.

24th Nov 16 Microfinance lenders to suffer short term hit due to demonetization

Indian economy is suffering from its biggest currency denomination that affected various micro finance lenders. Shares of Satin Creditcare Networks (micro finance Company) fell by 36 percent. Micro finance companies take a serious short term hit because their operations are largely based on cash that have been severely affected.

Aye Finance, a two year old start up that provides micro finance to small companies, raised 10.3 million dollars from its own investors SAIF Partners and Accion. Funds were raised to provide micro finance to the small companies in India. Aye Finance operates a network of 31 branches across seven states in northern India.

NBFCs and MFIs are waiting for directions from central bank to accept old currency notes after demonetization. Customers are required to pay 20 percent of business finance in advance and rest 80 percent is financed by lenders. Since NBFCs and MFIs have stopped accepting old notes after the currency ban, customers are facing difficulty in financing the required amount that is affecting the business badly.

*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.